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Posted by Tango
on June 18, 2020, 6:52 am
Buying at the opening brought prices higher from yesterday’s close but were offset by resting sell orders. More selling entered the market to make a low of 97.40 in Sep and then the market stabilized. It remains steady for now. We don’t know what the intentions of the short funds are but in spite of the weakness that this market has endured, several spec groups have remained buyers. Yesterday the buying intensified and the market had few setbacks. 8:00 May bring selling but buying is to be expected as well. The depth of market shows more interest on the buy side than the sell side. The news that Brazil will withhold coffee from the market should be a bullish factor.
Key currencies are mixed and rendering an unchanged $Index while BRIC currencies are are higher. USDMXN is 22.2682 -0.0328 (-0.1471%), USDCOP is 3,745.75 +6.15 (+0.16%) and USDBRL which closed at at 5.2287 is unchanged on the CME.
Bond futures are higher and the indexes are mixed. Gold is lowe while crude is higher. Grains are higher and softs are on either side of unchanged.